The housing stock barely grew 0.3% in 2023, although Spain accumulates 447,700 unsold properties
Housing construction is stagnant in Spain. In 2023, The real estate stock grew by just 0.3% up to a total of 26.9 million, according to the estimate published this Thursday by the Ministry of Housing. While the entry of houses onto the market advances slowly, Spain accumulates a stock of 447,700 new unsold homes, a good part of them inherited from the golden age of ‘brick’.
The Spanish real estate park added 90,610 homes last year to just over 26.8 million existing in 2022, an increase slightly lower than the 91,928 added a year before and the 96,197 added in 2021. Thus, in the last three years, the park has added less than 100,000 homes annually , a far cry from the nearly 500,000 homes that were built each year before the burst of the real estate bubble.
At the same time, Spain accumulates a stock of 447,700 new unsold homes. After peaking in 2009, this stock has fallen by 45%, despite growing slightly by 0.7% in the last year. “Since 2010, the accumulated ‘stock’ has been absorbed, with the rate of absorption being very slow since 2019,” explains the Report on the stock of new housing 2023 prepared by the Department headed by Isabel Rodríguez.
Madrid and Barcelona are the areas where most of the new construction stock is concentrated., 11.5%, 10.9% of the total respectively. However, the territories where this new unsold home has the most weight over the total housing stock are Castellón, Toledo and La Rioja, where between 5.2% and 4.3% of the housing stock is unsold.
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